A common myth that many in Hackettstown may subscribe to is that bankruptcy laws are easy to exploit. They may hear stories about people accumulating significant assets and then simply filing for bankruptcy to get out of having to pay for them. In reality, the guidelines governing bankruptcy are much more strict than many know. Having any of one's assets and liabilities dismissed is a privilege not everyone qualifies for. While a Chapter 7 bankruptcy may be among the most common forms of personal bankruptcy (indeed, information shared by the American Bankruptcy Institute shows that of all non-business filings in 2017, over 61 percent were Chapter 7), those hoping to file for it must first pass the Chapter 7 means test.
Life may deal its fair share of unappealing cards, but many New Jersey residents could agree that financial stress is one of the most challenging obstacles people face in America today. When it comes to dealing with one's financial woes, there are many paths to solutions; out of those, bankruptcy is one of the most common. Below are some facts about Chapter 7 bankruptcy in particular, including the potential advantages of this plan.